Estonian Kroon


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Estonian Kroon

The former currency of Estonia. It was issued in 1992, replacing the Soviet ruble. It was pegged to the deutschemark and then to the euro. In January 2011, the euro replaced the kroon.
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It should be noted that changes in the real exchange rate of the Estonian kroon from the mid-1990s have crucially depended on the price-cost index--the ULC-based, PPI-based REER and terms of trade have exhibited neither strong depreciation nor appreciation.
Therefore, several studies have attempted to estimate the equilibrium level of the real exchange rate of the Estonian kroon.
Although the Estonian REERs have to some extent appreciated over the last decade, relevant literature has not found much evidence of misalignment of the Estonian kroon (see Table 1 for the summary of the results of different studies).
1999] 1990-1997 None B-S, Panel Note: Column 3 refers to the undervaluation or the overevalutation of the Estonian kroon.
Also, the right of people to hold and use their money is secured by the fact that its stability is guaranteed by pegging the Estonian kroon to the German mark (from January 1,1999) to the euro at the fixed exchange rate, and the cash in circulation is at least 100 percent backed by foreign reserves.
Implementation of the currency board arrangement and fixing the Estonian kroon to the German mark has been a solid nominal anchor to the economic recovery and development of the economy.
Although there were other options (for example, pegging the Estonian kroon to the euro with relatively wide fluctuation bands), since January 1, 1999, the Estonian kroon has been strictly pegged to the euro, both de facto and de jure, at 1 EUR = 15.
From 1997 to 1998, there were some signs of financial crisis and speculative attacks against the Estonian kroon due to the developments in global markets (Asian and Russian crises) and developments in domestic markets (bursting of the 1997 stock exchange bubble, overly optimistic and risky attitudes toward the opportunities of the eastern markets, increased the current account deficit, and so on).
30] examined the behavior of the real exchange rate of the Estonian kroon, estimated its equilibrium value, and studied its impact on competitiveness of the Estonian economy.
Its further widening could cause serious pressure to devalue the Estonian kroon and abandon the currency board.
To calculate the total loss during a culture period we multiplied (i) the average number of fish taken per day during the period with (u) the length of the period, (iii) the average current weight or the average final weight of the fish, and (iv) price of the fish per live weight kilogram (35 Estonian kroons (EEK; equals EUR 2.

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